External broker reports(aggregated public sources), Mizuho

Mizuho

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External broker reports(aggregated public sources)

FX & Rates

<ul>
<li>USD/JPY continued to rise in June. An interest rate cut by the Fed, which may a lifeline to help correct JPY weakness, is fast approaching, and the BOJ has also indicated monetary policy tightening for the time being, suggesting higher JPY interest rates going forward, but there are still no signs of the weak-JPY trend reversing.</li>
<li>Based on an analysis of the data, the JPY supply-demand climate, which was tilted toward a net selling of JPY, seems to have improved since the beginning of this year compared with 2022 and 2023, leading to a strong suspicion that speculative movements are driving JPY depreciation.</li>
<li>However, if such speculative movements also include household JPY selling following the launch of New NISA, then speculation or not, their ability to be sustained cannot be taken lightly. </li>
</ul>
<p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>


USD/JPY continued to rise in June. An interest rate cut by the Fed, which may a lifeline to help correct JPY weakness, is fast approaching, and the BOJ has also indicated monetary policy tightening for the time being, suggesting higher JPY interest rates going forward, but there are still no signs of the weak-JPY trend reversing.
Based on an analysis of the data, the JPY supply-demand climate, which was tilted toward a net selling of JPY, seems to have improved since the beginning of this year compared with 2022 and 2023, leading to a strong suspicion that speculative movements are driving JPY depreciation.
However, if such speculative movements also include household JPY selling following the launch of New NISA, then speculation or not, their ability to be sustained cannot be taken lightly. 

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JPY

Forex Medium-Term Outlook